SWIFT is expanding options for customers moving to the cloud, having announcing an initiative to smooth their migration to large public cloud providers such as Microsoft and Google Cloud, as well as the next generation of its own private cloud platform.
SWIFT already has a proof of concept in place with Microsoft, building on work that started last year with the technology company’s treasury operations establishing a prototype SWIFT connection on Microsoft Azure and the successful testing of payment transactions.
Under the new Cloud Connect initiative, SWIFT will develop network architecture and automation templates for customers to ease deployment on ‘hyper-scale’ public cloud platforms such as Microsoft Azure and Google Cloud. While large banks, corporates and fintechs increasingly use such providers, they also require the same level of reliability and security they experience on-premises. Cloud Connect will provide a resilient and secure method of connecting to the SWIFT network.
SWIFT has also announced its Alliance Cloud, which is designed to provide a robust option for institutions of all sizes that wish to host their messaging operations on SWIFT-managed infrastructure. Alliance Cloud has been designed to scale quickly to meet changing customer needs while seamlessly integrating gpi, sanctions screening solutions and other SWIFT services. It maintains 24/7 availability and the highest level of security, while reducing customers’ total operating costs.
Taken together, SWIFT says that the developments demonstrate a broad embrace of a trend that banks, corporates and fintechs are adopting to reduce costs, improve agility and resiliency, and streamline security and compliance burden.
“Cloud computing is a key enabler of a faster, frictionless future and a powerful catalyst for innovative new services," said Craig Young, chief information officer at SWIFT. "Our community is seizing its potential, and we are committed to supporting them with a range of connectivity options reflecting their diverse approaches and breadth of needs. These new developments highlight that commitment, while also underscoring our unwavering focus on security and resiliency as we continue to adapt to an evolving marketplace.”
SWIFT plans to begin customer trials on its Cloud Connect initiative later this year, with a community-wide service targeted for the second half of 2020. Meanwhile, a phased roll out of Alliance Cloud will launch in 2020, starting in the second quarter.
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